职业经理人的两难困境:忠实于大股东还是企业?——基于国美电器控制权之争的思考

Professional Managers' Dilemmas:Faithful to Larger Shareholders or Business?——Thinking Based on the Control Conflict of GOME Ltd

本文从委托代理理论、控制权配置与控制权私利视角来解读国美电器控制权之争,并讨论职业经理人的两难困境:忠实于大股东还是企业。本文指出职业经理人应忠实于全体股东和企业,而不仅是大股东,但也不能为了争夺控制权而不顾大股东的利益诉求,甚至与创始大股东形成对抗。最后,笔者提出避免职业经理人步入两难困境的对策。

This article interprets the control conflict of GOME from the theory of principal-agent and the allocation of control rights and the private benefits of control perspective,and tries to answer the question that professional managers' dilemmas:Faithful to larger shareholders or business.Finally draws a conclusion that professional managers should be faithful to all shareholders,loyal to business,not only the larger shareholders,but not to fight for control rights disregarding of the larger shareholders' interests,or even conflict with the founding larger shareholders.At last,this article puts forward countermeasures to avoid professional managers to step into a dilemma.